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2014-05-01 18:54:00

EXXON: PROFIT HIGHER

EXXON: PROFIT HIGHER

Exxon Mobil Corp, the world's largest publicly traded oil company, posted a quarterly profit on Thursday that hands down beat Wall Street's expectations as a bitterly cold winter throughout much of the United States boosted natural gas prices.

The past winter, which affected much of the U.S. in January and February, pushed Exxon Mobil's average U.S. natural gas sale price up 49 percent, helping offset a dip in global production.

Prices for natural gas rose globally as well, even as the price the company receives for its crude oil slipped both in the U.S. and internationally.

Exxon Mobil reported first-quarter net income of $9.10 billion, or $2.10 per share, compared with $9.50 billion, or $2.12 per share, in the year-ago quarter.

The results surpassed analysts' expectation for profit of $1.88 per share, according to Thomson Reuters I/B/E/S.

Total production fell about 6 percent to 4.2 million barrels of oil equivalent per day (boed).

Exxon reported weakening margins in both its chemicals and refining units. Part of the dip was due to a cut in production at its 560,500 barrel per day Baytown, Texas refinery after an oil barge spill caused the closure of the Houston Ship Channel in March.

The company made no mention Thursday of Russia's involvement in Ukraine.

Exxon Mobil is building a liquefied natural gas (LNG) plant with Rosneft, Russia's state-controlled oil giant, on Russia's eastern coast. The plant, which Exxon executives have repeatedly said will not be deterred by the Ukrainian political situation, is expected to be online by 2019.

On Wednesday the company raised its quarterly dividend by 10 percent.

Shares of Exxon rose 0.6 percent to $102.98 in premarket trading on Thursday.

reuters.com

Tags: EXXON, GAS

Chronicle:

EXXON: PROFIT HIGHER
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

EXXON: PROFIT HIGHER
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

EXXON: PROFIT HIGHER
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

EXXON: PROFIT HIGHER
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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